WAEC Marketing 2023 Theory — Question 8

Model answer

1. Political - this refers to the rules, practices, policies and tax rates which affect business operations. 2. Economic - the purchasing power, disposable income, interest rates, inflation and employment levels in a country, and how they affect a marketing organisation's operations. 3. Social - the norms, values and attributes of a group of people in a particular area/country that affect marketing practices. 4. Culture - the beliefs and way of life of a particular group of people and how these attributes affect their consumption patterns and reaction to a company's products/policies. (Other acceptable: Technological - changes and advancement in devices, equipment and processes used in production; Ecological - changes in climatic conditions, availability of natural resources, pollution and natural disasters; Demographic - changes in population size, age, distribution and mobility of people in a location.)